CHICAGO, July 22, 2019 /PRNewswire/ -- According to the new market research report "IoT Connectivity Market by Component (Platform, Services), Organization Size, Application Areas (Building &Home Automation, Smart Energy & Utility, Smart Manufacturing, Connected Health, Smart Retail, Smart Transportation), Region - Global Forecast to 2024", published by MarketsandMarkets™, the IoT Connectivity Market is expected to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. Major factors expected to drive the growth of the market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity; and ability to integrate the standalone and non-standalone components of IoT ecosystem.
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Based on component, services segment to record a higher growth rate than the platform segment during the forecast period
Base on the component, the services segment is expected to grow at a higher rate than the platform segment during the forecast period. The services segment has a significant influence on the IoT Connectivity Market growth. The demand for services is increasing with the growing adoption of IoT connectivity by enterprises across major application areas. These services assist end-users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can connect their edge devices effectively.
Among services, managed services segment to register a higher growth rate than the professional services segment during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their IoT connectivity operations from consultancy to deployment and maintenance. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for IoT connectivity due to the large-scale implementation of the technology by organizations and enterprises in the country. The high pace of digital transformation, along with the high growth of IoT, Artificial Intelligence (AI) and cloud computing, is attributing to the fast growth of the IoT Connectivity Market in the US.
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Key and emerging market players include AT&T (US), Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless (Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy), Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany), and Moeco (US). These players have adopted various strategies to grow in the IoT Connectivity Market.
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